Economic Theory

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By Paul Bowles

ISBN-10: 0582506093

ISBN-13: 9780582506091

Capitalism has proved itself to be the main enduring financial system of our time. This e-book explores no matter if capitalism will destroy us or unlock us. appears on the methods to and debates approximately capitalism as either an summary proposal and as a ancient processPresents the arguments of a few of the prime proponents of capitalism and a few of its prime rivals, giving scholars the chance to attract their very own conclusionsAnalyses how particular types of particular sorts of nationwide capitalism after 1945 addressed the issues obvious in inter-war capitalismExamines the worldwide unfold and belief of capitalism because the fall of the Berlin Wall in 1989 and

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5 Proponents are therefore typically much more comfortable defending the “free market” economy than the “private property” economy. The state as impartial rule enforcer The protection of private property gives rise to the need for the state. Otherwise, there would be something of a dilemma here: if capitalism is natural, and government intervention so bad, why is a state needed? One way to give a clear answer to this is with the use of a sporting analogy. In a chapter on the “free market” economy and entitled “The only natural economy”, Stanford University’s John McMillan (2002: 13) argues that “a typical market is born and grows like football.

Why does this matter? It matters because this debate concerns the scale over which the capitalist “system” operates and how we should think about capitalism. Should we think of capitalism as a “world system”? In which case, countries which were incorporated into the “world system” – such as those in Latin America after Columbus’s conquest of 1492 – can be said to have been part of the “capitalist system”. Or, is capitalism primarily a nationally based “system”? In which case, we should think about capitalism primarily in national terms and view it as emerging later and spreading more slowly, and only becoming a global system in the late nineteenth/ early twentieth centuries.

The enormously productive and dynamic economic world created by advancing technology and the rational organization of labour has a tremendous homogenizing power. It is capable of linking different societies around the world to one another physically through the creation of global markets, and of creating parallel economic aspirations and practices in a host of diverse societies. The attractive power of this world creates a very strong predisposition for all human societies to participate in it, while success in this participation requires the adoption of the principles of economic liberalism” (1992: 108).

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Capitalism by Paul Bowles

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